EnLink Midstream (NYSE:ENLC) Downgraded to "Market Perform" Rating by Raymond James

EnLink Midstream (NYSE:ENLC - Get Free Report) was downgraded by Raymond James from an "outperform" rating to a "market perform" rating in a research report issued to clients and investors on Friday, MarketBeat reports.

ENLC has been the subject of several other reports. Tudor, Pickering, Holt & Co. raised EnLink Midstream from a "hold" rating to a "buy" rating and set a $15.00 target price for the company in a research note on Friday, August 16th. Morgan Stanley downgraded shares of EnLink Midstream from an "overweight" rating to an "equal weight" rating and set a $16.00 target price on the stock. in a research report on Monday, September 16th. Capital One Financial reiterated an "equal weight" rating and set a $16.00 price target on shares of EnLink Midstream in a research report on Tuesday, September 3rd. UBS Group lowered shares of EnLink Midstream from a "buy" rating to a "neutral" rating and set a $16.00 price objective on the stock. in a report on Monday, September 30th. Finally, Wells Fargo & Company downgraded EnLink Midstream from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $16.00 to $15.00 in a research note on Friday, August 30th. Nine analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $15.40.

EnLink Midstream Stock Performance

Shares of NYSE:ENLC traded down $0.44 on Friday, hitting $15.06. 1,872,683 shares of the company were exchanged, compared to its average volume of 2,029,362. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.65 and a current ratio of 0.65. The company's 50 day moving average price is $14.65 and its two-hundred day moving average price is $13.79. EnLink Midstream has a one year low of $11.53 and a one year high of $15.67. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of 73.86 and a beta of 2.41.

EnLink Midstream (NYSE:ENLC - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The pipeline company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.06). EnLink Midstream had a return on equity of 8.82% and a net margin of 1.96%. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.90 billion. During the same period in the prior year, the company posted $0.12 earnings per share. EnLink Midstream's quarterly revenue was up 1.4% compared to the same quarter last year. Research analysts expect that EnLink Midstream will post 0.58 earnings per share for the current year.

Insider Activity

In related news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $14.90, for a total transaction of $2,985,077,219.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.84% of the stock is currently owned by company insiders.

Institutional Trading of EnLink Midstream

Several hedge funds have recently added to or reduced their stakes in the company. Chickasaw Capital Management LLC grew its stake in shares of EnLink Midstream by 5.5% in the second quarter. Chickasaw Capital Management LLC now owns 14,602,011 shares of the pipeline company's stock worth $200,924,000 after purchasing an additional 759,994 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of EnLink Midstream by 2.0% during the second quarter. Dimensional Fund Advisors LP now owns 6,823,891 shares of the pipeline company's stock worth $93,884,000 after acquiring an additional 133,327 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in shares of EnLink Midstream by 32.4% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,324,324 shares of the pipeline company's stock worth $48,236,000 after acquiring an additional 812,767 shares during the period. Hennessy Advisors Inc. boosted its holdings in EnLink Midstream by 17.0% in the second quarter. Hennessy Advisors Inc. now owns 2,477,000 shares of the pipeline company's stock valued at $34,084,000 after acquiring an additional 360,400 shares during the last quarter. Finally, Westwood Holdings Group Inc. increased its position in EnLink Midstream by 4.7% during the 2nd quarter. Westwood Holdings Group Inc. now owns 2,351,996 shares of the pipeline company's stock valued at $32,363,000 after purchasing an additional 106,467 shares during the period. 45.87% of the stock is owned by institutional investors and hedge funds.

About EnLink Midstream

EnLink Midstream, LLC provides midstream energy services in the United States. The company operates through Permian, Louisiana, Oklahoma, North Texas, and Corporate segments. It is involved in gathering, compressing, treating, processing, transporting, storing, and selling natural gas; fractionating, transporting, storing, and selling natural gas liquids; and gathering, transporting, stabilizing, storing, trans-loading, and selling crude oil and condensate, as well as providing brine disposal services.